Jonah Capital accuses Nigeria’s company registrar of “corporate theft” in $50m share dispute
The row surfaced publicly after Ghanaian business magnate Sir Sam Jonah petitioned Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, seeking diplomatic intervention.
Jonah Capital’s Managing Director and CEO, Kojo Ansah Mensah, has levelled explosive allegations against the head of Nigeria’s Corporate Affairs Commission (CAC), accusing him of unlawfully altering company records and stripping the firm of shares in a prime Abuja real estate project.
The row surfaced publicly after Ghanaian business magnate Sir Sam Jonah petitioned Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, seeking diplomatic intervention over what he describes as the unlawful takeover of his interests in Abuja’s River Park Estate.
In the 13 December 2025 petition, running to 11 pages, Sir Jonah alleged that the CAC had unilaterally changed company ownership records, ignored ongoing court proceedings and, in the process, undermined regional investment protection frameworks. He further urged the Ghanaian government to notify ECOWAS of what he considers a potential breach of cross-border investment guarantees.
The dispute traces back to a demand for accountability from Jonah Capital’s local Nigerian partner, Paul Odili of Paulo Homes Ltd, over alleged land encroachment inside the estate.
Speaking on JoyNews’ The Pulse, Mr Mensah said the company is now confronting what it sees as the unlawful removal of equity worth more than US$50m.
“When we say shares have been removed, we are talking about real value,” he said, arguing that a company with an asset base exceeding US$50m had effectively had its equity “taken away on paper”.
He accused the CAC Registrar-General, Magaji SAN, of unilaterally altering the capital structure of the company, despite the issues being the subject of active court proceedings and under the radar of several Nigerian regulatory agencies.
According to Mr Mensah, Jonah Capital has already petitioned multiple Nigerian authorities, including:
The Minister of Trade
The Nigeria Investment Promotion Council
The Attorney-General
The Independent Corrupt Practices Commission (ICPC)
The Minister for the Federal Capital Territory (FCT)
He argued that delays in the release of a formal report from Nigeria’s Attorney-General had created a governance vacuum.
“Justice delayed is justice denied,” he warned, adding that the absence of conclusive action was emboldening officials “to operate like corporate enforcers rather than regulators”.
The company is calling for urgent corrective steps within Nigeria’s regulatory and justice architecture, while Ghanaian authorities weigh the diplomatic and regional investment implications of the escalating dispute.
